CYPHERPUNK TECHNOLOGIES INC. CYPH
We were incorporated in the state of Delaware on January 3, 2011. Our wholly owned subsidiaries as of December 31, 2025 include HealthCare Pharmaceuticals Pty Ltd. ("HCP Australia"), Leap Securities Corp., Flame Biosciences LLC, and Leap Therapeutics, Inc. ("Leap").
Prior to October 2025, we devoted substantially all of our resources to development efforts related to biomarker-targeted antibody therapies designed to treat patients with cancer. Our clinical stage program is sirexatamab (DKN-01), a monoclonal antibody that inhibits Dickkopf-related protein 1, or DKK1, for the treatment of colorectal cancer patients. We also have a preclinical antibody program, FL-501, that is designed to treat cachexia-related indications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $1.5M | $1.5M | — | — | — | — |
| R&D | $25.7M | $57.2M | $73.2M | $45.0M | $32.2M | $20.4M | $24.4M | $21.8M | $22.5M | $23.3M |
| SG&A | $10.9M | $12.8M | $13.8M | $11.8M | $10.8M | $9.6M | $9.1M | $8.9M | $9.8M | $4.0M |
| Total operating expenses | $41.1M | $70.1M | $87.0M | $56.8M | $42.9M | $30.0M | $33.5M | $30.8M | $32.4M | $27.3M |
| Operating income | -$41.1M | -$70.1M | -$87.0M | -$56.8M | -$41.4M | -$28.5M | -$33.5M | -$30.8M | -$32.4M | -$27.3M |
| Interest expense | $24.0K | — | — | $54.0K | $41.0K | $39.0K | $23.0K | $19.0K | $528.0K | — |
| Pre-tax income | $10.1M | -$67.0M | -$81.4M | -$54.4M | -$40.6M | -$27.5M | -$32.9M | -$23.1M | -$29.9M | -$25.6M |
| Income tax | $5.3M | $585.0K | — | $147.0K | $24.0K | $2.0K | $3.0K | $20.0K | $157.0K | — |
| Net income | $5.0M | -$68.0M | -$81.0M | -$54.6M | -$40.6M | -$27.5M | -$32.9M | -$23.1M | -$29.7M | -$25.6M |
| EPS, basic | 0.07 | -1.81 | -3.98 | -4.82 | -0.47 | -0.63 | -1.47 | -1.64 | -3.27 | — |
| EPS, diluted | 0.07 | -1.81 | -3.98 | -4.82 | -0.47 | -0.63 | -1.47 | -2.11 | -3.31 | — |
| Shares, diluted (wtd. avg.) | 70.7M | 37.6M | 20.4M | 11.3M | 85.8M | 59.3M | 22.6M | 14.4M | 9.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.0M | $47.2M | $70.6M | $65.5M | $114.9M | $52.1M | $3.9M | $16.3M | $25.7M | $793.0K |
| Total current assets | $162.1M | $48.0M | $71.6M | $68.0M | $116.9M | $52.3M | $4.2M | $17.3M | $27.7M | $4.0M |
| Property, plant and equipment | — | $5.0K | $5.0K | $20.0K | $36.0K | $65.0K | $124.0K | $86.0K | $135.0K | $119.0K |
| Total assets | $163.2M | $49.1M | $72.8M | $70.4M | $117.9M | $54.4M | $7.4M | $19.1M | $29.1M | $6.5M |
| Accounts payable | $2.0M | $4.7M | $6.5M | $5.7M | $4.2M | $2.7M | $4.6M | $3.6M | $2.6M | $3.2M |
| Total current liabilities | $4.6M | $14.1M | $12.7M | $11.2M | $10.0M | $7.4M | $8.5M | $6.5M | $6.1M | $36.2M |
| Total liabilities | $9.7M | $14.1M | $12.7M | $11.5M | $10.0M | $7.7M | $9.2M | $9.9M | $17.9M | $36.2M |
| Retained earnings | -$462.5M | -$467.4M | -$399.6M | -$318.2M | -$263.6M | -$223.0M | -$195.2M | -$153.5M | -$130.4M | -$100.7M |
| Total equity | $153.5M | $35.0M | $60.1M | $58.9M | $107.9M | $46.7M | -$1.7M | $9.2M | $11.1M | -$100.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$43.9M | -$60.3M | -$43.8M | -$49.0M | -$35.2M | -$26.0M | -$26.9M | -$26.0M | -$22.1M | -$25.3M |
| Depreciation and amortisation | $0 | $5.0K | $15.0K | $16.0K | $29.0K | $34.0K | $47.0K | $49.0K | $48.0K | $25.0K |
| Stock-based compensation | $4.9M | $5.5M | $5.1M | $5.2M | $3.7M | $2.6M | $3.7M | $3.5M | $5.6M | $45.0K |
| Capital expenditure | — | — | — | — | — | — | $100.0K | — | $64.0K | $144.0K |
| Investing cash flow | -$97.0M | — | $49.0M | — | — | $25.0K | -$85.0K | — | -$64.0K | -$144.0K |
| Financing cash flow | $107.6M | $37.2M | -$30.0K | -$210.0K | $98.0M | $74.0M | $14.8M | $15.9M | $47.8M | $25.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-051480.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $1.5M | $1.5M | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$25.6M | -$29.7M | -$23.1M | -$32.9M | -$27.5M | -$40.6M | -$54.6M | -$81.0M | -$68.0M | $5.0M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event Item 8.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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